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France & Italy brace for hundreds of millions in flood losses: Aon

29th November 2019

Flooding this week in parts of southeastern France and northwestern Italy along the Mediterranean coast is likely to drive economic losses in the hundreds of millions of euros range, if not higher, according to re/insurance broker Aon. Parts of France and Italy were hit with torrential rains between November 21 and ... Read the full article

Medical malpractice costs up significantly: Beazley, Aon

28th November 2019

Analysis by specialist insurer Beazley shows that the average cost of a medical malpractice claim in the U.S. has risen by 50% over the last decade, with a steep increase in the number of claims of above $5 million since 2015. Beazley, a specialist insurer that operates in the U.S. hospital ... Read the full article

M&A insurance use up in 2019, market value at $2.3bn: Aon

26th November 2019

Around 3,200 deals were transacted globally in 2018 using warranty and indemnity (W&I) insurance, with market value reaching $2.3 billion, according to a new report from re/insurance broker Aon. The report found that market value was up 35% from 2014, with demand for merger and acquisitions (M&A) insurance products driven by ... Read the full article

Aon set to acquire SME insurtech platform CoverWallet

20th November 2019

Global re/insurance brokerage Aon has announced that it has entered into an agreement to acquire CoverWallet, a digital insurance platform for small to medium-sized businesses (SMEs). Aon previously made a strategic investment into the insurtech back in May 2019, and the firms agreed to work together in the SME space ... Read the full article

Ransomware incidents up threefold in 2019, as costs escalate: Aon

20th November 2019

Ransomware incidents rates have increased threefold since Q4 2018, according to a new report from Aon, with average costs escalating at a similar rate. The Cyber Practice Group of Aon’s Reinsurance Solutions business found that the costs of ransomware attacks continued to increase across all sectors this year, with payments tripling ... Read the full article

Aon study identifies “many desirable areas” for re/insurance growth

14th November 2019

Aon’s latest Insurance Risk Study has identified “many desirable areas for profitable growth” in the global property casualty re/insurance market, based on favourable combined ratios and variation in results across different countries. The study, now in its 14th year, focuses on many issues related to risk, encompassing the growth dynamics, emerging ... Read the full article

Aon’s Johnston & Komposch join Guy Carpenter, Bermuda

12th November 2019

Guy Carpenter, the reinsurance broking arm of Marsh & McLennan Companies, has appointed Robert Johnston as Chairman of its Bermuda operations, and Peter Komposch as Head of Casualty and Specialty, Bermuda. The appointments are effective immediately and both Johnston and Komposch join Guy Carpenter from rival brokerage Aon. Johnston brings almost two ... Read the full article

Alliant to “vigorously defend” against Aon lawsuit

12th November 2019

US specialty insurance broker Alliant Insurance Services says it will vigorously defend against Aon’s recently filed lawsuit for claims arising from the departure of employees at Aon’s construction services group. Aon alleges Alliant's latest poaching raid is part of a pattern of hiring brokers from rivals to grow its business. Alliant notes ... Read the full article

Aon appoints new President of Health Solutions

11th November 2019

Global insurance and reinsurance broker Aon has announced the appointment of Dave Guilmette as President of Health Solutions. Most recently, Guilmette served as President of Global Employer and Private Exchanges for global health service company Cigna Corporation. He spent nine with years with the company in a series of roles with ... Read the full article

Economic losses from Hagibis to exceed $10bn: Aon

8th November 2019

Economic losses caused by Typhoon Hagibis in Japan are likely to exceed US $10 billion, with insured losses minimally in the billions, according to the latest Global Catastrophe Recap report from re/insurance broker Aon. Aon estimates that more than 93,250 structures were damaged or destroyed by Hagibis, which made landfall along ... Read the full article

Aon’s John Turner named Chairman of Ed Bermuda

7th November 2019

Global reinsurance brokerage Ed has announced the appointment of John Turner as Chairman of Ed Bermuda, reporting to Chris Bonard, Chief Executive Officer (CEO) of Ed Bermuda. In this newly created position, Turner will provide hands-on support to realise the potential of the recently established operation. In June 2015, Ed received ... Read the full article

EU market access prompts Aon to move parent incorporation to Ireland

29th October 2019

As a result of Brexit and a subsequent desire to remain within the European Union (EU) single market, global insurance and reinsurance broker, Aon, has filed a preliminary proxy statement to move the jurisdiction of incorporation for the firm's parent company from the UK to Ireland. According to Aon, "Remaining within ... Read the full article

Aon posts Q3 growth across reinsurance, commercial risk segments

25th October 2019

Global re/insurance broker Aon has reported a 5% organic growth within its Reinsurance Solutions segment for the third quarter, driven by double-digit growth in facultative placements and new business generation in treaty. The reinsurance segment generated $291 million in revenue, compared to $279 million in the prior year quarter. Aon has pegged ... Read the full article

Aon’s Reinsurance Solutions adds co-leaders of UK & Ireland and Specialty Casualty

24th October 2019

Aon's Reinsurance Solutions segment has announced the appointment of Dean Jenner and Richard Evans as co-leaders of its UK & Ireland and Specialty Casualty business. Both Jenner and Evans will report to Peter Stubbings, Reinsurance Solutions' Chief Executive Officer (CEO) of Global ReSpecialty, and will work with a leadership group of ... Read the full article

Aon calls for further changes to reinsurance under IFRS 17

23rd October 2019

The Reinsurance Solutions business of Aon, the global re/insurance brokerage, has called for further changes to the way reinsurance will be reported under International Financial Reporting Standard (IFRS) 17. The recommendations came in response to a consultation draft for amendments to IFRS 17, published in June 2019 by the International Accounting ... Read the full article

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